While the Ether ETF has just received preliminary approval from the SEC, Layer 2 Ethereum networks received good news with a new record for the number of weekly active wallets.
Layer-2 Ethereum networks recorded a record of 7 million active wallets in a week
From the beginning of 2024 until now, the market has witnessed the explosion of Layer-2 networks on Ethereum , providing users with cheaper fee options and faster speeds than the mainnet.
This boom is reflected in the record of private wallet addresses that L2s just recorded: 7 million active wallets in a week.
According to L2 analytics platform GrowThePie , the number of unique wallet addresses interacting with at least one L2 blockchain network between May 13 and May 19 was more than 7 million wallets. This is more than double the number since the last week of 2023.
Source: GrowThePie.xyz
Leading the way is Arbitrum with 3.7 million wallets during the week, accounting for 52% of the total number of interactive wallet addresses. Ranked 2nd is Base with 1.2 million wallets. Both of these blockchains use Optimistic Rollups technology.
The two ZK Rollups candidates ranked 3rd and 4th are zkSync Era and Linea with 955,000 and 893,000 wallets in their respective time frames.
Source: GrowThePie.xyz
Meanwhile, the Ethereum mainnet has 2.1 million active wallets.
L2s not only surpass the mainnet in terms of number of users, but also like Base and zkSync Era surpassed Ethereum in transaction processing speed for the first time in September 2023.
This situation shows that Ethereum is truly on track to become a basic blockchain platform for Layer-2s to build and develop on.
Layer 2 solutions on Ethereum
Ethereum co-founder Vitalik Buterin Chia this vision as far back as October 2020:
“Currently, users have accounts on L1, have ENS domains on L1, applications work entirely on L1,... But these will have to change to adapt to a world where users have main accounts, balances, assets,... completely on L2.”
The new milestone for L2s comes just in time for the SEC to approve a 19b-4 filing for Ethereum spot ETFs. This is a "hard turn" decision from the management agency that surprised the whole market.
But to be officially listed on the exchange, ETF Ether still needs to wait for the SEC to approve the S-1 application, with an estimated time ranging from several weeks to several months.
ETH price showed the " sell the news " phenomenon when it skyrocketed to 3,900 USD after rumors that the SEC was about to approve it. Then it started to gradually decrease to around 3,750 USD at the present time.
1h chart of the ETH/ USDT pair on Binance at 12:30 PM on May 25, 2024
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